United States Steel Corporation (X)

[chmcnfunds]

Think SA found the reason for the surge today:

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Steel stocks on the move ahead of U.S. Section 232 hearing

May 23, 2017 12:41 PM ET|By: Carl Surran, SA News Editor

Steel stocks (SLX +1.4%) surge to session highs ahead of tomorrow's Commerce Department public hearing on its Section 232 investigation into the impact of steel imports on U.S. national security.

Macquarie says the Trump administration’s focus on Section 232 trade action could reduce supply further and a widespread action could meaningfully affect supply.

Jefferies says while the probability is high for some incremental trade defense measures, the scope of the investigation remains a key unknown and the hearing may provide color on various considerations at play.

Steel names are broadly higher: AKS +7.4%, X +4.4%, RS +4.1%, STLD +3.4%, NUE +3%, CMC +3%, WOR +2%, CLF +1.9%, MT +0.3%.

Source: Bloomberg First Word
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